Mastercard Incorporated MA recently partnered with fintech company WiPay as both entities aim to bring more small and medium size enterprises into the e-commerce space.
The strategic partnership is expected to help Mastercard further build brand recognition throughout the Caribbean while driving greater financial inclusion through a suite of payment solutions.
The partnership further enables WiPay’s regional settlement network to utilise Mastercard’s Bank in the Box solution, improving the ease of doing business in the Caribbean, particularly within the CARICOM single market economy.
“We found in WiPay a knowledgeable partner to bring our vision to life and are excited to partner with them to bring these robust solutions to the market,” said Marcelo Tangioni, Mastercard’s Caribbean Division President.
“This important partnership builds on our commitment to lead the journey towards developing smarter islands and cashless societies to strengthen economies and increase financial inclusion throughout the region,” added Tangioni
Similarly, WiPay CEO Aldwyn Wayne described the partnership as “huge for the Caribbean” allowing for the fintech company to further accelerate financial inclusion by delivering innovative financial products to the unbanked and underbanked of the region.
The collaborative solutions will initially launch in Jamaica as well as Trinidad and Tobago, with both companies anticipating future rollouts in Grenada, Guyana, Dominica Barbados, St Kitts, St Lucia, St Vincent, and The Bahamas.
WiPay was launched in Jamaica in June 2019 at the AC Hotel in Kingston.